New Revenue Pockets:
The power device analyzer market is expected to grow from an estimated USD 470 million in 2022 to USD 600 million by 2027, at a CAGR of 5.0% during the forecast period. Power device analyzers are progressively being deployed in North America and Asia-Pacific, and the market is expanding rapidly. Increasing need for energy conservation and the expansion of electric vehicles globally are projected to provide profitable prospects for the power device analyzer market during the forecast period.
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The Asia-Pacific market is divided into India, Japan, China, South Korea, Australia, and the rest of Asia. During the projection period, Asia Pacific is the region which is predicted to have a robust growth. This region’s growth is being aided by an increase in demand for electric vehicles and a rise in stringent government restrictions. Countries like china have set an target sales of EV to be 40% of their car sales. The government of China have made mandates in 2021, that there must be a few percentage of EV sales each year. This has created a pressure in manufacturers and to avoid penalties they have started investing in Electric Vehicles. Many global automobile manufacturers such as BMW, Volkswagen, and Tesla are establishing their manufacturing sites in this Asia-Pacific region as this region provides much advantageous opportunities for the manufacturers.The increased interest of this end use industry is propelling the power device analyzer market for the forecasted period in this region.
The report segments the power device analyzer market, by type, AC, DC and Both AC and DC. The AC and DC both accounted for a greater share of 57% among the other segments in the power device analyzer market in the estimated year 2022. The AC type holds the next largest share of 35% in the estimated year.The factors sucts such as growing market for Internet of Things, increased investments in Electric Vehicles and government mandates and initiatives of implementing energy audits in these sectors are steering the both AC & DC segment in this power device analyzer market.
The power device analyzer market based on the current is categorized as below 1000A and Above 1000A. Among this the below 1000A segment hold a largest share of 67% in the estimated year of 2022. This is majorly because of the increased projects undertaken in this segment. The end use industries such as Energy, Automotive, wireless communication, healthcare equipment manufacturing and aerospace & defense uses below 1000A devices across their operations. Products such as PWM Inverters, high frequency power electronics , Solar arrays, AC/DC converters and UPS widely used in automotive and energy industries requires power device analyzers for the purpose of testing the quality of the power supplied and other parameters which are related to power supply.
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The end user segmentation of this market includes Automotive, Telecommunication, Energy, Consumer Electronics and Appliances, Medical, Others (Defence, Aeroscape and Government services). Among these the automotive segment is estimated to have a largest share of 21% in the estimated year 2022 in the power device analyzer market. The consumer electronic and appliances holds the second largest share of the power device analyzer market with 19.8% in the same estimated year of 2022. Power analyzers are used to evaluate power electronics, inverters, motors and drives, lighting, home appliances, office equipment, power supplies, and industrial machinery by measuring many aspects of electrical power. The increased investments and expansion in the Electric Vehicles in the automotive sector has increased the sales of power device analyzers in this sector as it is used in various applications such as testing of the components like electric motors, battery management systems, navigation systems, and electrical charging systems and to ensure the quality, safety, and reliability of automotive systems.
